Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $110,000 This distribution follows the normal distribution with a standard deviation of $40,000 a If we select a random sample of 50 households, what is the standar...

a b The distribution will be normal ...

Information from the American Institute of Insurance indicates the mean amount of life insurance per household in

Question:

Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $110,000. This follows the normal with a standard deviation of $40,000.
a. If we select a random sample of 50 households, what is the standard error of the mean?
b. What is the expected shape of the of the sample mean?
c. What is the likelihood of selecting a sample with a mean of at least $112,000?
d. What is the likelihood of selecting a sample with a mean of more than $100,000?
e. Find the likelihood of selecting a sample with a mean of more than $100,000 but less than $112,000.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...